|
US President Barack Obama proclaimed America had usurped China as the world's No 1 investment destination, a bold statement that left some economists scratching their heads. The White House cited an AT Kearney survey as the basis for Obama's remark in his State of the Union address on Tuesday, noting the US topped the global consulting firm's list for expected foreign direct investment. But the US ranks lower in other prominent surveys. Forbes' annual report on the best country to do business in put Ireland at the top, with the US at No 14, according to Politico's website. It also noted that the Milken Institute - which measures countries on 67 variables, including economic fundamentals and regulations - put the United States at No 22, behind Hong Kong at No 1. Obama kicked off his speech with a list of his administration's economic achievements. "Here are the results of your efforts: the lowest unemployment rate in over five years. A rebounding housing market. A manufacturing sector that's adding jobs for the first time since the 1990s. More oil produced at home than we buy from the rest of the world - the first time that's happened in nearly 20 years...," Obama said. "And for the first time in over a decade, business leaders around the world have declared that China is no longer the world's number one place to invest; America is." The statement pacified some Americans' concerns in the past couple of years that "China is eating America's lunch", but it triggered a fierce debate. | 
